European Green Transition PLC (AIM:EGT) today reported on what it described as a “pivotal year” that saw a transformational acquisition and a listing on the London Stock Exchange.
Raising £6.5 million to support its projects, the company’s AIM market IPO was among the notable new additions to the market in recent months.
Putting its front foot forward, EGT is advancing its growing portfolio while seeking additional new opportunities.
"Following our successful IPO, we aim to deliver value for shareholders and support Europe's green energy transition through our green economy portfolio,” chief executive Aiden Lavelle said in a statement.
“In the second half of 2024, we plan to conduct a low-cost drill programme at the Olserum REE project. We anticipate this will support our approach to engage a third party to fund its future development and potential commercialisation.
He added: “We remain very active in our pursuit of further opportunities; as Europe progresses in its green transition, we see numerous undervalued assets and are excited about the potential to capitalise on these."
Olserum
The Olserum Rare Earth Element (REE) project, located in Sweden, was acquired by EGT in July 2023 and has seen extensive due diligence fieldwork.
It is designated as a project of "National Interest" by the Swedish Geological Survey.
The project currently has an estimated resource (from 2013) of 4.5 million tonnes, grading 0.6% total rare earths, in the indicated category and 3.3 million tonnes, at 0.63%, in the inferred. These estimates were based on just over 6,000 metres of historic drill data.
New drilling this year will total 9,000 metres, across 42 drill holes. At the same time, other exploration activities are unearthing additional areas of potential.
New opportunities
Since its AIM IPO, in March, the company has also secured exclusive options to explore the potential of a copper tailings recycling project in Cyprus and a peatland carbon credits project in Donegal, Ireland.
“The Limni copper tailings recycling project in Cyprus offers the potential to recover meaningful amounts of copper in a capital efficient manner and subsequent solar energy development, and the Altan peatland carbon credit project in Ireland offers potential entry into the voluntary carbon credits market,” Lavelle added.
“We are now continuing our diligence work to ascertain the commercial viability of these projects with the intention to pursue near-term revenue generation.”